SCOTTIE RESOURCES INTERCEPTS 8.30 G/T GOLD OVER 9.70 M AND 6.19 G/T OVER 8.70 M AT SCOTTIE GOLD MINE N ZONE
Rhea-AI Summary
Scottie Resources reported new drilling results from its Scottie Gold Mine project, highlighting significant gold intercepts including 8.30 g/t gold over 9.70 metres and 6.19 g/t gold over 8.70 metres. The drilling program targeted the O-, M-, and N Zones at the historic mine, with results planned for inclusion in the company's maiden Mineral Resource Estimate scheduled for Q1 2025. Notable intersections include drillhole SR24-330 with 10.30 g/t gold over 6.01m and SR24-327 with 26.1 g/t Au over 2.00m. The project is located 35 kilometres north of Stewart, BC.
Positive
- High-grade gold intersections: 8.30 g/t over 9.70m and 6.19 g/t over 8.70m
- Exceptional grade in M Zone: 26.1 g/t Au over 2.00m
- Maiden Mineral Resource Estimate planned for Q1 2025
- Multiple high-grade zones identified around historic mine
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, SCTSF gained 14.59%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highlights:
- SGM – drillhole SR24-330 intersected 8.30 grams per tonne (g/t) gold over 9.70 metres (m) including 10.30 g/t gold over 6.01 m in the N Zone and intersected 7.52 g/t gold over 6.47 m at the O Zone (Table 1, Figures 1,2)
- SGM – drillhole SR24-332 intersected 10.9 g/t gold over 4.20 m in a wider zone of 6.19 g/t gold over 8.70 m (Table 1, Figures 1,2) at the O Zone
- M Zone SGM drillhole SR24-327 intersected 26.1 g/t Au over 2.00 m
- The Scottie Gold Mine Project's MRE planned for late Q1 will be a combination of the historic Scottie Gold Mine deposit and the newly discovered Blueberry Contact Zone
President and CEO, Brad Rourke commented: "These results demonstrate the strong grades and widths of the underground SGM deposit, and the upside from continued exploration drilling. These intercepts bolster the geological modelling of the deposit, and when combined with the Blueberry Contact Zone together will form a robust maiden resource that we plan to deliver in the new year."
Table 1: Selected results from new drill assays (uncut) from the Scottie Gold Mine, O, M, and N Zones.
Drill Hole | From | To | Width* | Gold | Silver | |
SR24-327 | 121.10 | 123.10 | 2.00 | 26.1 | 9.50 | |
SR24-329 | 122.60 | 123.70 | 1.10 | 12.2 | 12.0 | |
142.75 | 144.75 | 2.00 | 2.76 | 3.00 | ||
185.40 | 186.50 | 1.10 | 4.31 | 9.00 | ||
SR24-330 | 13.00 | 25.50 | 12.50 | 4.32 | 3.63 | |
including | 15.31 | 21.78 | 6.47 | 7.52 | 5.87 | |
141.40 | 142.40 | 1.00 | 1.13 | 3.00 | ||
307.40 | 317.10 | 9.70 | 8.30 | 8.73 | ||
including | 308.40 | 314.41 | 6.01 | 10.3 | 7.84 | |
SR24-331 | 163.25 | 166.20 | 2.95 | 7.13 | 48.0 | |
SR24-332 | 12.00 | 20.70 | 8.70 | 6.19 | 5.15 | |
including | 14.00 | 18.20 | 4.20 | 10.9 | 9.12 | |
131.50 | 132.50 | 1.00 | 1.01 | 21.0 |
The Scottie Gold Mine, which operated between 1981 to 1985, produced 95,426 gold ounces from 183,147 tonnes at an average recovered grade of 16.2 g/t gold. The mine ultimately shut down due to a drop in gold price combined with high-interest rate on the initial mine startup loan. When the mine shutdown, the deposit had over two years of production left in what the mine considered to be reserves (this historical estimate is not consistent with CIM Definition Standards for Mineral Resources & Mineral Reserves and is not treated as such). The 2024 diamond drill program was designed to validate the historical drill results, extend known zones, and test new targets around the past-producing mine.
Historical drilling of the Scottie Gold Mine was largely focused on mine production, with little work done on proving up substantial resources. The majority of historical drilling was done from underground, and therefore consisted of short holes with single targets – with very restricted drill pad locations. Recent exploration by Scottie has used the benefits of drilling from surface to target areas that were inaccessible with underground drill locations, and where possible to test multiple targets with individual holes.
About the Scottie Gold Mine Project
Mineralization consists of east-west to northwest trending, steeply dipping, shear veins, that are comprised of pyrrhotite > pyrite ± quartz ± calcite. The veins are hosted in a package of andesitic volcanic rocks from the Hazelton Unuk River Formation that are situated adjacent to the contact with the
Exploration of the Scottie Gold Mine Project over the past 5 years has produced exceptional drill results through the discovery of high-grade gold in four new zones (Blueberry Contact Zone, Domino, D-Zone, P-Zone) and the expansion of previously drill confirmed targets (Scottie Gold Mine, C-Zone, Bend Vein, Stockwork). There is a clear spatial relation between the outcropping and drill-confirmed high-grade gold targets and the contact with the Jurassic aged, Texas Creek Plutonic suite intrusion. Geological work in the area has established strong connections between the various deposits. The chemical, mineralogical, structural, and age relationships of the deposits and host rocks support a genetic model whereby all deposits are linked to the same mineralizing event.
About the Scottie Gold Mine
The Scottie Gold Mine, which operated between 1981 to 1985, produced 95,426 gold ounces from 183,147 tonnes at an average recovered grade of 16.2 g/t gold. The mine ultimately shut down due to a drop in gold price combined with high-interest rates. Mineralization consists of east-west to northwest trending, steeply dipping, shear and extensional veins, that are comprised of pyrrhotite > pyrite ± quartz ± calcite. The veins are hosted in a package of andesitic volcanic rocks from the Hazelton Group - Unuk River andesite unit that are situated adjacent to the contact with the
Historical drilling of the Scottie Gold Mine was largely focused on mine production, with little work done on proving up substantial resources and reserves. The majority of historical drilling was done from underground, and therefore consisted of short holes with single targets – with very restricted drill pad locations. Recent exploration by Scottie has used the benefits of drilling from surface to target areas that were inaccessible with underground drill locations, and where possible to test multiple targets with individual holes. The Scottie Gold Mine is located on the Granduc Road, 20 km north of the Ascot Resources' Premier Project, which is in the process of refurbishing their mill in anticipation of production in Q1 2024.
Quality Assurance and Control
Results from samples taken during the 2024 field season were analyzed at SGS Minerals in
Dr. Thomas Mumford, P.Geo., a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a
The Company's focus is on expanding the known mineralization around the past-producing mines while advancing near mine high-grade gold targets, with the purpose of delivering a potential resource.
All of the Company's properties are located in the area known as the Golden Triangle of
Forward Looking Statements
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
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SOURCE Scottie Resources Corp.
FAQ
What are the latest gold intercepts reported by Scottie Resources (SCTSF) in November 2024?
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